Nifty future closed the week at 8210.55 after making the intraday high of 8247.Volatility continues to be high in the past week after bears fully controlled the whole april series. The first week of may was again in favor of bears.
Trading with no plan can be devastating for your capital as well as emotions. Nifty future has been steadily moving upwards from last few trading sessions. We have seen a decent recover already after march 2015 FNO expiry.Nifty future closed the week at 8811.45 this is slightly above the 50% Fibonacci retracement from the recent bottom.
Nifty future opened the week at 8474.75 and made the high of 8645.55 and closed at the higher end of the range at 8633.10. The week was the shortest as there were only three trading days. After been range bound on Wednesday morning trading session the bulls picked up momentum in second half and nifty future moved out of the hourly trading range for the day and closed higher.
Nifty future made low 8540 and closed the week at 8582.55 Till if remains below 8630 the short term trend will remain down. The next support for the market is at 8530 below which expect correction up to 8420. The weekly trend for nifty turned negative. The momentum indicator RSI has also turned downwards direction.
Nifty future again breaks out on fridays trading session and made life time highs at 8668 and closed the week at 8638.35. Momentum indicator RSI has turned upwards again. Stochastics oscillator also showing signs of positive momentum and with price action as seen on fridays bulls are in full control.
Nifty future closed the week at 8381.65. There were only three trading sessions for the week. The week witnessed again buy on the dips as expected since we are in short term uptrend. Despite facing the selling pressure in the 1st half of the trading session on Friday nifty bounced back strongly in second half and closed around the opening of the day.
The short term trend for Nifty Future is down the reversal point is above 8010 close till then the rally’s are for entering shorts with protective stops above 8010. Friday’s trading session opened with a gap down and continued its downward journey after consolidating in tight range for the day. Nifty Future closed the week at 7886.8 after making the intraday high of 7948.
Nifty future closed the week on a positive note on weekly chart. Nifty future closed Friday’s trading session at 7803.70. Nifty future has been consolidating in a sideways horizontal range with just around the breakout. There is a huge possibility of a big rally in coming days if the breakout sustains nifty future is heading for 8000-8100 levels soon. 7835 Hurdle once sustain close base bulls will shoot up vertical rally.
Technical Update : Nifty Future has been facing stiff resistance at 7830 levels. As updated in previous nifty future report weekly view 7745 below bear’s got active and market cracked to 7611.25. Global weakness was one of the added reason’s for the steep fall on Fridays trading session in market. Going ahead in coming […]